ot considered when determining whether an operating segment qualifies as a reportable segment?

Q: The principle of conservatism is concerned with Oa. the company's procedures for recording…

A: conservatism principle is one of the basic principle of accounting that provides guidance on how…

Q: Describe when and how a net operating loss carryforward and a net operating losscarryback are…

A: Net Operating Loss Carryforward:   The net operating loss is considered as negative taxable income.…

Q: What is the name of the accounting concept in which revenue earned  during the accounting period…

A: An accrual is a journal entry that is used to recognize revenues and expenses that have been earned…

Q: Which of the following would NOT be reflected in the income statement?

A: Income statement- it is a part of financial statements prepared by the company that shows the…

Q: All of the following items are classified as accounting assumptions and coventions except for a.…

A: Accounting assumptions and conventions are basically the guidelines which are used in providing the…

Q: A typical substantive procedure for receivable balance and sales transactions may include…

A: Assertions: Assertions are used by the auditor to consider the different types of misstatements that…

Q: An entity presents an analysis of expenses using a classification based on: Group of answer choices…

A: In accordance with PAS 1, An Expenses recognized in Statement of profit or loss should be analyzed…

Q: That a business may only report activities on financial statements that are specifically related…

A: Accounting concepts are those rules and regulations which are used for the purpose of accounting and…

Q: Which of the following is NOT considered to be an operating expense on the income statement? Group…

A: Theses are the main expenses of the firm that are necessary for making the product and smooth…

Q: What is "The units-of-output method" and "The staright-line method" in accounting? What are their…

A: Companies use tangible long term resources to perform daily operations and create revenue for its…

Q: As part of the fundamental characteristic of relevance, an important component of relevance is…

A: Accounting concepts, usually referred to as accounting assumptions or accounting principles, are the…

Q: Which of the following statements is not applicable to revenue recognition guidance under ASC Topic…

A: In the given case all of the following are true regarding revenue recognition principal provided in…

Q: Standards for comparisons in financial statement analysis does not include: a. Customers’ standards.…

A: Financial statements are statements that are prepared at the end of the financial period in order to…

Q: Describe the accounting for changes in estimates and changes in the reporting entity.

A: Accounting changes: When a company requires to sacrifice the consistent accounting methods and…